Projected Cost Of Living Increase For 2024. Given the recent high cola of 8.7% in 2023 and the anticipated lower increase in 2024, individuals nearing retirement should weigh the benefits of claiming. More than 71 million americans will see a 3.2% increase to their social security and supplemental security income benefits in 2024, the social security.

Cpi inflation is pegged at 4.9 per. That would be substantially lower than the record 8.7% cola for social security.